The 2/29 Ben Bernanke speech to congress did not mention any plans for QE. The lack of this gave the USD a boost, while giving gold and silver their largest 1-day fall in 2012. The daily chart shows that the market was trading near, but under the 1802 resistance pivot, of what appears to be a range-bound market. The concept in a range-bound market is that the further away from the middle, the more likely it will want to return back to this “middle” or “central equlibrium”. For gold, it is probably around 1660-1665. Then, if bearish momentum persists in the short-term, we may test the 1550-1560 range lows. Trade plan: ... (full story)